The Development Committee, representing the World Bank Group (WBG) and the International Monetary Fund, convened its 112th meeting on October 16 in Washington, D.C., to discuss the current state of the global economy and set priorities for development policy.
Elisabeth Svantesson, Sweden’s Minister for Finance and chair of the committee, opened with a statement highlighting ongoing global uncertainty. "The global economy is undergoing a profound transformation and facing elevated uncertainty, bringing challenges, but also opportunities. Growth has been resilient, but strains are emerging. We will adopt sound policies that foster confidence, build resilience, and safeguard macroeconomic and financial stability. We will continue to cooperate to address global challenges. Ongoing wars and conflicts continue to impose a heavy humanitarian toll, with large economic costs and significant negative spillovers. Ending wars and conflicts and securing lasting peace around the world remains essential for sustainable growth and long-term stability."
Committee members noted that persistent challenges are impacting efforts to sustain economic growth, create jobs, and reduce poverty worldwide.
The committee welcomed the Foundations for Growth and Jobs paper and acknowledged WBG’s work in supporting countries to build infrastructure necessary for job creation. The committee recognized the roles of IFC (International Finance Corporation) and MIGA (Multilateral Investment Guarantee Agency) in mobilizing private capital across borders.
The Development Committee called on the WBG to use its financing capacity and expertise as a unified institution ("One WBG") to remove barriers to job creation and stimulate private sector investment. Members supported continued efforts by WBG to expand access to quality education—including technical training—align workforce skills with industry needs, and promote economic opportunities for all groups including women and girls.
Energy access was another focus area. Members expressed support for initiatives such as Mission 300 with the African Development Bank aimed at delivering affordable energy where it is most needed. They acknowledged increasing demand driven by jobs growth, public services expansion, business activity, and digitalization.
On fiscal matters, the committee encouraged collaboration between WBG, IMF, other development partners, international organizations, and the private sector regarding debt sustainability, transparency issues, vulnerabilities in client countries’ economies, as well as domestic resource mobilization.
Members recognized ongoing reforms at the World Bank Group designed to make operations faster and more efficient while maintaining its triple-A credit rating. The revised procurement regulations were noted for emphasizing local labor participation and quality-based approaches.
Governors highlighted that in fiscal year 2025 the WBG increased its financial commitments to $118.5 billion while mobilizing $69.9 billion in private capital towards ending extreme poverty and promoting shared prosperity globally.
Climate considerations remain integral; projects undertaken during FY25 reported climate co-benefits of 48 percent.
The committee stressed continued attention on low-income countries; those affected by fragility or conflict; small states; as well as further dialogue about middle income country challenges. They looked forward to new strategies addressing fragility/conflict/violence (FCV) contexts as well as small states’ unique needs.
Support was reiterated for IDA21 implementation—the latest phase of concessional funding through the International Development Association—and progress was acknowledged on shareholding review discussions scheduled into 2025.
The next meeting is planned for April 2026 in Washington D.C.